Liberty Interactive Corp. (Liberty) announced it plans to spin off certain assets attributed to Liberty Ventures to shareholders. These assets are its interests in Expedia, Bodybuilding.com, and CommerceHub. We do not expect the spin-off of these assets to have a meaningful impact on Liberty's consolidated operating performance and cash flows given their minimal revenues and profit contribution to the consolidated group. We are affirming our 'BB' corporate credit rating on Liberty. The stable outlook reflects our view that the company's steady performance will continue as it benefits from the good execution of its video and e-commerce retailing strategies and from improving economic trends in the U.S. market where they generate a majority of revenues and cash flows. On Nov. 12,
